#loan-servicing

#loan-servicing

Under the agreement, Embrace will originate and service loans for Amalgamated Bank through an exclusive platform. Amalgamated Bank is a New York-based, full-service commercial bank and chartered trust company with five branches across New York City, Washington, D.C., and San Francisco, as well as a commercial office in Boston. Embrace will offer a proprietary program that certifies a property's value and provides sellers with a $10,000 backup cash guarantee, making a homebuyer's bid more attractive than a cash offer.

Longbridge found an opportunity to improve how it verifies loan data between its origination system and loan documents during servicing transfers. After reviewing several options, the company chose One Diligence to provide a machine learningbased solution, the release said. Since implementation, we've already seen more than a 60% reduction in common data errors, directly contributing to a smoother borrower experience, said Richard Burke, senior vice president of servicing and operations at Longbridge Financial.

Selene has appointed Jocelyn Martin-Leano as President of Selene Finance and Doug Whittemore as Chief Strategy and Growth Officer to drive company growth and innovation.